Pay system

Bitcoins are available offline

This is the text on a coin: "Strength in Numbers" (Latin)

The "Bitcoin" is an anonymous crypto-currency that are based on Peer-to-peer (P2P) networking. Its main disadvantage is the absence of supportability of the material resources, because hash does not represent any real value. An attempt to solve this problem by casascius also is not the best solution.

Thus, Mike Caldwell issued coins, and the value of each is equal to some Bitcoins. There are currently offered only two alternatives: 1 and 25 Bitcoins. Each one has its own Bitcoin -address and a valid private key under the hologram.

Shiny coin at face value of ฿ 25 galvanically covered with real gold. The diameter is 44.5 mm, thickness is 2.9 mm, and weight is 34 grams. A coin at face value of ฿ 1 is made of usual brass, its diameter is 28.6 mm and weight is 7 grams.

The private key is located on the card that is built in a coin, and it is protected by a non-transparent strip with a hologram that changes its pattern when it is opened. Eight-digit code is the first eight characters of Bitcoin address on the coin that is created specifically for this coin. The balance of the coin can be easily verified by Block Explorer. There is a mathematical link between the Bitcoin address and a private key. Currency is stored online in the block chains, and it is impossible to access it without the private key that is downloaded in the "Bitcoin" wallet.

There are several ways to get the digital currency from the offline alternative. An important thing is that none of them relies on the issuer. It is possible to enter the code directly on the exchange website. The coin maker provides a monetary refill of used coins in ฿ 25 for an amount of 25.5 BTC without a shipping cost. Dollars or any other currency other than BTC, are not accepted.

This offline alternative has some disadvantages, let us take a look at some of them: first of all, the fact that the private key can be scanned, and this method violates the anonymity of currency. Secondly, the physical value of the coin is above its face value, a "penny" costs 1.35 BTC and a quarter is sold for 29.50 BTC.

Finally, let us do not confuse the concept: the cost of twenty-five Bitcoins is about ฿ 4.50, namely the precious metals are used much less than the face value of coin costs itself. Thus, it is not an attempt of supportability for "Bitcoin” by real values, this is just a collector's item with the private key in a shiny metallic wrapper.

We can only envy the enterprise of some people that make such beautiful things.

ZimerMan 28 october 2011, 12:59
Vote for this post
Bring it to the Main Page


0 Ura89 May 28, 2018, 13:19
Hi guys!

Where can I find an article on your site about this ICO?

PLease make more information about new and upcoming ICO technology.

Leave a Reply

Avaible tags
  • <b>...</b>highlighting important text on the page in bold
  • <i>..</i>highlighting important text on the page in italic
  • <u>...</u>allocated with tag <u> text shownas underlined
  • <s>...</s>allocated with tag <s> text shown as strikethrough
  • <sup>...</sup>, <sub>...</sub>text in the tag <sup> appears as a superscript, <sub> - subscript
  • <blockquote>...</blockquote>For  highlight citation, use the tag <blockquote>
  • <code lang="lang">...</code>highlighting the program code (supported by bash, cpp, cs, css, xml, html, java, javascript, lisp, lua, php, perl, python, ruby, sql, scala, text)
  • <a href="http://...">...</a>link, specify the desired Internet address in the href attribute
  • <img src="http://..." alt="text" />specify the full path of image in the src attribute